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Problem 12-20 The following table contains data on market advances and declines. Declines 804 Day 1 2 3 4 5 Advances 951 733 721 623

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Problem 12-20 The following table contains data on market advances and declines. Declines 804 Day 1 2 3 4 5 Advances 951 733 721 623 481 996 909 1, 208 1,095 Day 6 7 8 9 10 Advances 978 1,082 919 970 774 Declines 782 849 722 818 766 a. Calculate cumulative breadth. (Negative amounts should be indicated by a minus sign.) Day Advances Declines Net Advances Cumulative Breadth 1 951 804 2 733 996 3 721 909 4 623 1,208 1,095 5 481 6 978 782 7 1,082 849 8 919 722 9 970 818 10 774 766 b. Decide whether this technical signal is bullish or bearish. Bullish O Bearish

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